Audax starts marketing third senior loan fund – exclusive

The firm is raising $1.3bn for its third senior debt fund, a much larger target than the $400m predecessor.  

Audax Group has started raising money for its third senior debt fund.

Audax Senior Loan Fund III is said to be targeting $1.3 billion, according to sources familiar with the firm. The goal is much more ambitious than Audax’s senior loan fund predecessor, which raised $400 million in 2013, according to PDI Research & Analytics.

Audax executives did not return calls for comment.

The firm also filed a Form D with the Securities and Exchange Commission on Tuesday revealing the launch, without specifying a target. Stifel, Nicolaus & Company and Summit Trail Advisors are listed as placement agents on the vehicle.

Michael McGonigle, a managing director in the Audax Senior Debt business, oversees senior loans in New York.

In addition to the two earlier funds, the firm also launched a business development company targeting senior loans last year and is in the process of raising up to $1.25 billion for its fourth mezzanine fund.

The firm’s mezz and senior debt groups are based in New York, while Audax Private Equity is based in Boston. Many large lenders frequently work with Audax’s PE group on debt packages for Audax’s buyouts.